The global personal care active ingredients market to grow at a CAGR of 5.66% during the period 2017-2021
The report covers the present scenario and the growth prospects of the global personal care active ingredients market for 2017-2021. To calculate the market size, the report considers sales of active ingredients in the market. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing demand for men's grooming products. The global men's grooming products market is expected to grow during the forecast period. This is because men are adopting personal care products to improve their appearance. Botanical and herbal ingredients are the most commonly used ingredients in personal care products that are meant for men.
According to the report, one driver in the market is preference for multifunctional products. Personal care and beauty products that offer multiple benefits are popular, especially among consumers who are cost conscious and prefer streamlined solutions. The growing popularity of BB and CC creams drives the demand for multifunctional products. To address this growing demand, vendors are developing integrated products that offer multiple benefits. They are also developing new solutions that target acne and dark circles and products that are specific to men.
Further, the report states that one challenge in the market is high R&D cost and duration of product development. The R&D cost of developing active ingredients or innovative formulations for personal care products is high. The development of such ingredients is time consuming as it takes several years. The demand for fish-based products is increasing. However, the development of such products can be time consuming. On average, the development of products that use marine ingredients takes four to eight years. Biological target selection takes one to two years.